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Saudi-Sudanese Deal to Ease Financial Transfers

Saudi-Sudanese Deal to Ease Financial Transfers

Friday, 22 December, 2017 - 11:45

Hazem Abdul-Qadir, Sudan's Central Bank Governor, assured that the banking climate in Sudan witnessed a revival following the US decision in October to lift sanctions, noting that Saudi Arabian Monetary Authority (SAMA) ordered commercial banks to ease transfers between Sudan and Saudi Arabia.

“I discussed, on Wednesday, with SAMA Governor Ahmed al-Khulaifi developments in terms of the banking climate in Sudan and possible means to urge Saudi banks to ease banking transfers between the two countries, after removing all legal obstacles that existed before lifting the US sanctions on Sudan,” he told Asharq Al-Awsat.

The Central Bank Governor said the meeting with Khulaifi was attended by managers of four commercial banks in Saudi Arabia, including Al-Ahli Bank (NCB) and Al Rajhi Bank. During the meeting, attendees discussed possible ways to overcome some obstacles and enhance the flow of banking transfers from Saudi Arabia that hosts the greatest number of Sudanese immigrants.

“I explained to Khulaifi that things will improve in Sudan,” said Abdul-Qadir, adding that the SAMA governor issued last week a circular for Saudi commercial banks to deal with Sudanese banks stressing the need to investigate banking transactions to prevent money-laundering or suspicious operations.

On the sidelines of a meeting organized by Sudanese Ambassador to the Kingdom of Saudi Arabia Abdulbaset al-Sanousi in Riyadh on Wednesday, Abdul-Qadir stated that Saudi Arabia hosts the biggest Sudanese diaspora exceeding one million people, not to mention the enormous Saudi investments in Sudan.

Musaad Abdul Karim, Chairman of Sudanese Banks Association, expected that discussions with SAMA and Saudi commercial banks would result in restoring ties between Sudanese-Saudi banks and increasing bilateral banking transfers.

“There were no problems in the past. What happened is due to consequences of the US economic embargo imposed on Sudan since 2013. Now these reasons no longer exist,” he added. 

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